Migration raises a potential free rider problem for the provision of durable local public goods if the late-comers can enjoy the public good without paying for it. Allowing communities to finance public goods by debt mitigates this problem, since future immigrants have to share the burden of the...

This paper introduces an overlapping generations model of the principal-agent problem. all individuals are workers when young, but have a choice between becoming entrepreneurs or remaining workers when old. Bargaining power and incentive contracts in the principle-agent relationships are...

This paper compares quasi Monte Carlo methods, in particular so-called (t,m,s)-Nets, with classical Monte Carlo approaches for simulating econometric time-series.

This paper explores in some detail urban areas as the place of origin of fertility transition in sub-Saharan Africa. The objectives of the paper are two-fold. First,we provide an overview of the role of urban areas in reproductive change by examining recent data on levels and trends of fertility...

We investigate the effect of introducing costs of complexity in the N-person unaimity bargaining game.

This article highlights the importance of firms' own investments in technological capability. Recent research on the nature and extent of technical change in developing countries shows that the accumulation of technological capability should be treated not as a by-product but as an activity in...

In this paper, the authors use a model of tax competition to study the role of information sharing in common agency problems.

Using firm-level data from the 1986 Census of Manufactures of Taiwan, the authors examine the links between technical efficiency and firm investmetns in technology and exports. Stochastic frontier techniques are used to estimate the technical efficiency of firms by investments in technology as...

The predictive accuracy of various econometrics models, including random walks, vector autoregressive and vector error-correction models, are investigated using daily futures prices of 4 commodities (the S&P500 index, treasury bonds, gold and crude oil).

In this paper, the authors provide some asymptotic results for the J-type test on non-nested hypotheses proposed by Davidson and MacKinnon (1981), in the context of I(1) time series.